 "'Brics was attack on dollar': Trump defends tariffs, says countries are pulling out")
President Donald Trump escalated his rhetoric against the Brics group this week, calling the economic bloc’s efforts to reduce reliance on the US dollar as an “attack on the dollar.”
Speaking to reporters on Tuesday, the President suggested that his previous threats to impose tariffs had already caused member nations to back away from the de-dollarisation agenda.
During a lunch with Argentine President Javier Milei, Trump was asked about the US dollar’s global standing. He asserted that the dollar’s continued dominance would not have been secured without his 2024 election victory.
In a direct reference to Brics—which includes founding members Brazil, Russia, India, and China, plus recent additions like South Africa, Egypt, Ethiopia, the UAE, and Iran—Trump issued a stark ultimatum. “I told anybody who wants to be in Brics, that’s fine, but we’re going to put tariffs on your nation,” Trump said. He claimed that after this threat, “Everybody dropped out. They’re all dropping out of Brics,” and that the conversation about replacing the dollar had ceased.
Trump previously issued a warning earlier this year, threatening 100% tariffs on Brics member countries if they moved forward with plans to replace the dollar as a reserve currency.
In July, amid his broader tariff impositions, he further threatened an additional 10% levy on countries aligning with what he termed “Anti-American policies of Brics.”
India clarifies stance on de-dollarisation
The Brics bloc, founded in 2009, has openly explored options for a “common currency” or “Brics currency” to reduce its vulnerability to fluctuations in the US dollar.
This initiative gained traction after the dollar strengthened following interest rate hikes by the Federal Reserve and international sanctions imposed on Russia.
However, India, a founding member of Brics and a key US partner, has repeatedly distanced itself from any move to undermine the American currency. External Affairs Minister S. Jaishankar clarified late last year that New Delhi “has no interest” in weakening the US dollar, adding that Washington remains India’s largest trade partner.
Impact Shorts
More ShortsJaishankar reiterated that India’s priority is working with the US to strengthen global economic stability. He stressed that Brics members lack a unified position on replacing the dollar and that India’s actions are guided by a commitment to the stability of the international financial system.
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